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BlackRock Kelso Capital Corporation Generates Net Investment Income Adjusted For Pro-Forma Incentive Management Fees Of $0.27 Per Share And $1.08 Per Share For The Three Months And Year Ended December 31, 2012

BlackRock Kelso Capital Corporation (NASDAQ:BKCC) (“BlackRock Kelso Capital” or the “Company”, “we”, “us” or “our”) announced today that its Board of Directors has declared a quarterly dividend of $0.26 per share payable on April 2, 2013 to stockholders of record as of March 19, 2013.

BlackRock Kelso Capital also announced financial results for the quarter and year ended December 31, 2012.
HIGHLIGHTS:
 
Investment Portfolio: $1,070.7 million
Net Assets: $687.4 million
Indebtedness (borrowings under credit facility and senior secured notes): $346.9 million
Net Asset Value per share: $9.31
Net Asset Value per share (excluding all incentive management fees): $9.61
 
 
Portfolio Activity for the Quarter Ended December 31, 2012:
Cost of investments during period: $78.6 million
Sales, repayments and other exits during period: $111.3 million
 
Portfolio Activity for the Year Ended December 31, 2012:
Cost of investments during period: $317.1 million
Sales, repayments and other exits during period: $314.8 million
Number of portfolio companies at end of period: 47
 
Operating Results for the Quarter Ended December 31, 2012:
Net investment income per share: $0.11
Dividends declared per share: $0.26
Earnings per share: $0.02
Net investment income: $8.3 million
Net realized and unrealized losses: $6.6 million
Net increase in net assets from operations: $1.7 million
 
Net investment income per share, as adjusted 1: $0.27
Earnings per share, as adjusted 1: $0.18
Net investment income, as adjusted 1: $20.1 million
 
Operating Results for the Year Ended December 31, 2012:
Net investment income per share: $1.00
Dividends declared per share: $1.04
Earnings per share: $0.78
Net investment income: $73.7 million
Net realized and unrealized losses: $16.3 million
Net increase in net assets from operations: $57.4 million
 
Net investment income per share, as adjusted 1: $1.08
Earnings per share, as adjusted 1: $0.85
Net investment income, as adjusted 1: $79.2 million
 

_____________________

1 Non-GAAP basis financial measure. See Supplemental Information on page 9.
 

Portfolio and Investment Activity

During the three months ended December 31, 2012, we invested $78.6 million across two new and several existing portfolio companies. This compares to investing $141.0 million across three new and several existing portfolio companies for the three months ended December 31, 2011. Sales, repayments and other exits of investment principal totaled $111.3 million during the three months ended December 31, 2012, versus $86.1 million during the three months ended December 31, 2011. The two new originations during the quarter were as follows:
  • During November 2012, we purchased $20.0 million of the senior secured notes of American Piping Products, Inc., a distributor of specialized heavy-wall seamless steel pipe, fittings and related products and services.
  • During December 2012, we purchased $21.0 million of the senior subordinated notes of Higginbotham Insurance Agency, Inc., a generalist insurance broker which places property and casualty and life insurance, and provides risk management services. We also purchased 1,163 units of Higginbotham Investment Holdings, LLC for $1.5 million, representing a less than 1% ownership of the company.

In conjunction with the two investments this quarter, we recorded fees and discounts of $0.8 million. Additionally, each debt investment bears a fixed rate of interest, and all-in, our expected yield to maturity for these securities is 13.4% and 11.5%, respectively.

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